Advice and sales model could hurt millions - Aegon

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Millions of consumers could miss out on professional financial advice if the FSA's simplified advice and sales model is created, Aegon warns.

The insurer says the FSA risks widening the advice gap if it keeps the “extreme simplicity” structure proposed in today’s RDR interim report. Aegon says the single advice model places greater emphasis on building the sales side. Francis McGee, Aegon corporate affairs head, says the changes could create a smaller overall professional advice market. “Having been told their original ideas were too complicated, FSA has now gone for extreme simplicity,” he says. “The emphasis of the review has moved substantially since last June, but this is still a very green options paper. There is lo...

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